Duration 2 days – 14 hrs
Overview
This course provides a comprehensive understanding of the Anti-Money Laundering Act (AMLA) of the Philippines and techniques for identifying and handling counterfeit money. It equips participants with the knowledge to detect suspicious transactions, fulfill AML compliance obligations, and mitigate financial crime risks. Real-world case studies, regulatory updates, and hands-on exercises ensure that participants are fully prepared to protect their organizations against money laundering and counterfeit threats.
Objectives
- Understand the key provisions and legal framework of the Philippine Anti-Money Laundering Act (RA 9160, as amended).
- Identify the stages and typologies of money laundering and terrorist financing.
- Implement effective customer due diligence (CDD) and Know-Your-Customer (KYC) measures.
- Detect and respond to suspicious transactions in compliance with AMLA and BSP regulations.
- Recognize security features of Philippine currency and identify counterfeit banknotes.
- Apply practical detection techniques to prevent acceptance of counterfeit bills.
Audience
- Bank and financial institution personnel
- Money service businesses and remittance agents
- Compliance officers and risk management staff
- Law enforcement and regulatory bodies
- Cashiers, tellers, and front-line employees handling currency
- Business owners and finance professionals
Prerequisites
- Basic understanding of financial operations or bank transactions
- No prior legal or AML experience required
Course Content
Module 1: Introduction to Money Laundering
- What is money laundering?
- Overview of terrorist financing
- Global and local implications
- Stages: Placement, Layering, Integration
Module 2: Anti-Money Laundering Act of 2001 (RA 9160) and Amendments
- AMLA provisions and key definitions
- Covered persons and transactions
- Suspicious transaction indicators
- Reporting obligations to the AMLC
- Penalties and enforcement
Module 3: AMLA Compliance Requirements in the Philippines
- Role of the Anti-Money Laundering Council (AMLC)
- Guidelines from BSP, SEC, and IC
- Risk-based approach to AML compliance
- Record-keeping and reporting systems
Module 4: Know Your Customer (KYC) and Customer Due Diligence (CDD)
- KYC processes and verification standards
- Beneficial ownership and enhanced due diligence
- Politically Exposed Persons (PEPs)
- Red flag indicators and case studies
Module 5: Introduction to Counterfeit Money in the Philippines
- Common types of counterfeit techniques
- Features of genuine Philippine currency
- Security features of banknotes (color shifting ink, watermark, tactile marks)
- Examples of fake vs. genuine bills
Module 6: Counterfeit Detection and Prevention Techniques
- Visual inspection and feel tests
- Using UV light and currency verifiers
- Common tricks used by counterfeiters
- Standard operating procedures for frontliners
Module 7: Reporting and Incident Handling
- How to report counterfeit money to the BSP and law enforcement
- Coordination with internal compliance teams
- Legal liabilities and protection
- Documentation and evidence preservation
Module 8: Case Studies and Practical Activities
- Real-life AML and counterfeit cases in the Philippines
- Interactive group activities: Spot the suspicious transaction and counterfeit note
- Compliance assessment checklist
- Q&A and open forum
